By comparison, the median U.S. household income in 2007 was $50,233. This suggests a price-to-income ratio of about 3.36.
The steep slide in home price accelerated at a record pace during the first three months of 2009, according to an industry report issued Tuesday.So, after two months of Realtor and news media spin claiming that sales were up, we find that sales for the entire quarter were actually down.
The national median home price of single family homes sold during the first quarter fell 13.8% to $169,000 year over year, and 6.2% compared with the last quarter 2008, according to the National Association of Realtors (NAR). That was the largest year-over-year decline in the 30-year history of the report. ...
Sales volume was weak as well. Homes sold at a 4.59 million annualized rate during the quarter, off 3.2% from the last three months of 2008 and down 6.8% from first quarter 2008. ...
"Where prices are down the sharpest, sales volume is up the most," said Mike Larson, a real estate analyst for Weiss Research. "In the post-bubble markets, we've seen more rationality come in." ...
Despite the increased affordability, Larson does not forecast a return to a normal market until the end of 2010. Until then, he said, "Buyers will continue to have the upper hand."
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